Bigger finances mean brighter chances for an Olympic gold medal.
Sen. Manny Pacquiao shared this sentiment with the countrty’s top sports officials yesterday as he vowed to help the Philippine Sports Commission (PSC) recover its five-percent share from the gross revenues of the Philippine Amusement and Gaming Corp. (Pagcor).
Pacquiao said the additional funds can be used to fund the construction of a modern national training center as broached by PSC Chair William Ramirez and Philippine Olympic Committee head Jose Cojuangco Jr.
Ramirez noted that the sports agency has been getting less than half its mandated share in Pagcor revenues for a long time.
“The law is clear that the PSC has its rightful share in Pagcor’s gross income,” Ramirez said during a hearing of the Senate committee on sports which Pacquiao chairs.
Pagcor accounting head Sharon Quintanilla, however, said they remit PSC’s five-percent monthly allocation after deducting the franchise tax of five percent and 50-percent government share from its gross monthly income.
Pacquiao promised to discuss the PSC’s claim with President Duterte.
“The increase will definitely help us develop more talented athletes that could hopefully give us a gold medal,” said Pacquiao.
The PSC share from the gross income of Pagcor was cut into half during the administration of President Fidel V. Ramos.
Until three months ago, the agency received between P50 million and P60 million monthly from Pagcor to help fund the training of national athletes. Shortly before Mr. Duterte took over, though, PSC’s share rose to P150 million. Inquirer.net